GAO says oil exports would lower pump prices

See Federal agency says oil exports would lower pump prices. By Jennifer A. Dlouhy of the Houston Chronicle. Excerpts:

"Ending the United States' longstanding ban against most crude exports could lift oil prices inside the country while decreasing the cost of gasoline, the Government Accountability Office"

"lower gasoline prices would result if repealing the export ban spurred more domestic crude production and helped lower world prices for the fossil fuel. Domestic gasoline prices tend to track the international Brent crude benchmark"

"The American Petroleum Institute welcomed the report as fresh evidence that crude exports would be a win for American consumers. "Allowing free trade in energy will mean more jobs, downward pressure on fuel costs, and can further reduce the impact of global unrest on oil markets," said John Felmy, the group's chief economist."

"The GAO report is pegged to interviews, data analysis and a survey of studies from Resources for the Future; ICF International and EnSys Energy; IHS; and NERAEconomic Consulting."

"All of them predicted ending the oil export ban would lift U.S. oil prices"

"all four studies predict a gasoline price decline as well"

"OPEC could seek to maintain prices by pulling crude from the global market or increase production in a bid to maintain its large market share, even if it sends oil prices even lower."